Evonik Closes In on Sale of Rütgers

2:44 PM MST | November 7, 2007 | Alex Scott in Düsseldorf

Evonik Industries is in “very well advanced” negotiations with potential buyers for Evonik’s Rütgers Chemicals (Castrop-Rauxel, Germany) coal tar chemicals processing subsidiary, CW has learned. A final price has yet to be agreed for the business, which generated sales of about €650 million ($936 million) in 2006, according to a source close to the business. German press reports last summer said that Rütgers could fetch a price of €300 million, based on its 2006 financial performance. Evonik’s goal “is to...